The company's debt-to-equity ratio increased to 1.32 in 2026Q1 from 0.21 in 2025Q4, signaling a shift toward higher leverage that warrants monitoring of long-term debt service capacity.
| Total Current Assets | 479.63M | 436.7M | 282.27M | 276.89M | 308.57M | 100.2M | 69.35M | 62.22M |
| Cash & Short-Term Investments | 133.33M | 80.52M | 90.29M | 155.94M | 191.96M | 40.23M | 22.45M | 31.71M |
| Cash Only | 133.33M | 80.52M | 49.72M | 41.76M | 22.89M | 32.01M | 4.79M | 6.41M |
| Short-Term Investments | 0 | 0 | 40.57M | 114.18M | 169.07M | 8.23M | 17.67M | 25.3M |
| Accounts Receivable | 0 | 0 | 175.86M | 112.85M | 104.18M | 49.01M | 38.74M | 29.04M |
| Days Sales Outstanding | 86.53 | - | 184.94 | 158.97 | 185.64 | 116.92 | 116.11 | 139.06 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 346.3M | 356.17M | 16.13M | 7.96M | 11.59M | 9.57M | 4.14M | 1.46M |
| Total Non-Current Assets | 50.9M | 50.72M | 17.05M | 17.14M | 12.92M | 46.98M | 7.05M | 4.87M |
| Property, Plant & Equipment | 845K | 669K | 1.21M | 1.89M | 1.76M | 3.39M | 1.89M | 2.18M |
| Fixed Asset Turnover | 677.54x | 765.19x | 286.60x | 137.01x | 116.32x | 45.18x | 64.31x | 34.97x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 13.69M | 13.67M | 13.64M | 13.21M | 10.16M | 7.85M | 4.5M | 2.09M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.2M | 2.2M | 2.2M | 2.04M | 1M | 35.75M | 654K | 603K |
| Total Assets | 530.53M | 487.42M | 299.33M | 294.02M | 321.49M | 147.19M | 76.41M | 67.09M |
| Asset Turnover | 1.22x | 1.05x | 1.16x | 0.88x | 0.64x | 1.04x | 1.59x | 1.14x |
| Asset Growth % | 237.15% | 62.84% | 1.8% | -8.54% | 118.43% | 92.64% | 13.89% | - |
| Total Current Liabilities | 124.34M | 114M | 35.06M | 25.6M | 36.42M | 68.63M | 24.18M | 9.57M |
| Accounts Payable | 6.73M | 8.36M | 6.77M | 5.49M | 11.42M | 13.04M | 8.49M | 6.5M |
| Days Payables Outstanding | 27.38 | 29.52 | 81.31 | 69.21 | 130.46 | 202.95 | 143.19 | 155.97 |
| Short-Term Debt | 75.3M | 75.06M | 0 | 0 | 0 | 35.75M | 3.91M | 0 |
| Deferred Revenue (Current) | 606K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 42.31M | 30.58M | 9.3M | 16.22M | 5.84M | 2.67M | 3.73M | 666K |
| Current Ratio | 3.86x | 3.83x | 8.05x | 10.81x | 8.47x | 1.46x | 2.87x | 6.50x |
| Quick Ratio | 3.86x | 3.83x | 8.05x | 10.81x | 8.47x | 1.46x | 2.87x | 6.50x |
| Cash Conversion Cycle | 59.15 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 202.41M | 20.69M | 81.17M | 181.36M | 178.51M | 39.81M | 2.38M | 2.22M |
| Long-Term Debt | 192.91M | 141K | 75M | 180.45M | 177.32M | 35M | 708K | 696K |
| Capital Lease Obligations | 472K | 0 | 204K | 543K | 550K | 970K | 1.09M | 1.49M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 9.5M | 20.55M | 5.96M | 362K | 640K | 3.85M | 584.9K | 36.9K |
| Total Liabilities | 326.75M | 134.69M | 116.23M | 206.96M | 214.93M | 108.45M | 26.56M | 11.8M |
| Total Debt | 268.21M | 75.2M | 75.55M | 181.29M | 178.15M | 73.64M | 6.11M | 2.55M |
| Net Debt | 134.88M | -5.32M | 25.84M | 139.53M | 155.26M | 41.63M | 1.32M | -3.85M |
| Debt / Equity | 1.32x | 0.21x | 0.41x | 2.08x | 1.67x | 1.90x | 0.12x | 0.05x |
| Debt / EBITDA | 8.23x | 1.56x | 1.79x | - | - | - | - | 0.99x |
| Net Debt / EBITDA | 4.14x | -0.11x | 0.61x | - | - | - | - | -1.49x |
| Interest Coverage | 22.86x | 24.86x | 8.55x | -3.11x | -13.02x | -6.82x | -399.71x | 2.56x |
| Total Equity | 203.78M | 352.73M | 183.1M | 87.06M | 106.56M | 38.74M | 49.84M | 55.29M |
| Equity Growth % | 234.9% | 92.64% | 110.31% | -18.3% | 175.09% | -22.28% | -9.85% | - |
| Book Value per Share | 14.15 | 24.36 | 13.25 | 7.29 | 9.03 | 3.33 | 4.29 | 4.76 |
| Total Shareholders' Equity | 203.78M | 352.73M | 183.1M | 87.06M | 106.56M | 38.74M | 49.84M | 55.29M |
| Common Stock | 1K | 1K | 1K | 1K | 1K | 1K | 100 | 100 |
| Retained Earnings | 101.35M | 43.42M | -152.45M | -210.32M | -161.8M | -32.9M | -12.9M | -5.95M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | -5K | -154K | -154K |
| Accumulated OCI | 296K | 0 | 221K | 649K | -1.68M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory revenue model vulnerability
As reported in recent financial statements, Dave's total assets have grown from $235.6 million in 2024Q1 to $530.5 million by 2026Q1, signaling a rapid scaling of the balance sheet that appears to be driven by the expansion of the ExtraCash advance portfolio and increased cash holdings.
The consistent upward trend in total assets suggests that the company is successfully deploying capital to capture market share in the fintech space. Investors should monitor whether this asset growth is sustainable or if it reflects an increasing reliance on credit-linked assets that may carry latent risk.
Based on the latest quarterly filings, Dave's debt-to-equity ratio rose to 1.32 in 2026Q1 from a low of 0.21 in 2025Q4, indicating a shift toward higher leverage that warrants close scrutiny regarding the company's long-term debt service capacity and overall financial stability.
While the recent increase in debt levels may provide necessary liquidity for scaling operations, it marks a departure from the previously conservative capital structure. This shift suggests that management may be utilizing external financing to fuel growth, which could increase sensitivity to interest rate fluctuations.
According to disclosed balance sheet data, Dave maintained a current ratio of 3.86 in 2026Q1, which, while down from the peak of 10.81 in 2023Q4, continues to provide a substantial buffer against short-term operational shocks and potential volatility in the fintech lending environment.
The decline in the current ratio suggests that the company is utilizing its liquid assets more aggressively to support its core business activities. Despite this compression, the current level of liquidity appears adequate to cover near-term obligations without requiring immediate external capital infusions.
As indicated by the transition from a negative retained earnings balance of $210.3 million in 2023Q4 to a positive $101.4 million in 2026Q1, Dave has demonstrated a significant improvement in equity quality, reflecting the successful conversion of operational growth into cumulative shareholder value.
This turnaround in retained earnings is a positive indicator of the company's ability to generate internal capital. However, investors should remain cautious, as the sustainability of this trend depends on the company's ability to maintain profitability without relying on non-recurring accounting adjustments.
Based on the provided financial data, the concentration of assets in short-term advances poses a non-obvious risk, as the $530.5 million asset base is highly sensitive to credit performance and potential regulatory reclassification of the underlying revenue streams associated with these advances.
The reliance on small-dollar, high-frequency advances means that the balance sheet is inherently exposed to the financial health of the gig-economy user base. Any systemic downturn in this demographic could lead to rapid asset impairment, which may not be fully captured by current provisioning methodologies.
Quick answers to the most common questions about buying DAVE stock.
As of 2025, Dave Inc. (DAVE) had total assets of $487.4M including $436.7M in current assets.
Dave Inc. (DAVE) carries total debt of $75.2M, offset by $80.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dave Inc. (DAVE) has total shareholders' equity (book value) of $352.7M ($24.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dave Inc. (DAVE) reported a current ratio of 3.83x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.